Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1887-12-15
sphance the cost of such oOnds to the


1t has been suggested THAT the pre-
sent bonded debt mi ght be refunded
at a less rate of interest, and the diff.
/. ference between the old and new
security paid in cash, thus finding use
y for the surplus in the treasury. The
success of this plan, it is apparent,
must depend upon the volition of the
holders Of the present bonds; and it is
not entirely certain that the induce
/ ment which must be offered them
would result in more financial benefit
to the government than the purchase
of bonds, while the latter proposition
would reduce the principle OF the debt
by actual payment instead of extend
( ing 1t.
/ The proposition to deposit the money
held BY the government in banks
throughout the country, for use by
the people, is, it seems tome, exceed
lngIy Objectionable in principle, as es-
tabiishing too close a relationship
between the operations of the govern
ment treasury aad the business of the
country, and too extensive a COM
mingling Of their money, thus foster
ing an unnatural reliance in private
business upon public funds. If this
scheme should be adopted it should
only be done as temporary expedi-
ent to meet an urgent necessity. Leg
islative and executive effort should
generally be in the opposite direction
and should have tendency to divorce,
as much and as fast as can safely be
done, the Treasury Department from
private enterprise.
Of course it is not expected that
unnecessary and extravagant appro-
prlations will be made for the purpose
of avoiding the accumulation of an
excess OF revenue. Such expenditure,
beside the decentralization of all Just
conceptions Of public duty which it
entails, stimulates habit of reckless
improvidence not in the least consia.
tent with the mission of our people or
the high and benefcent purposes Of
our government.
| have deemed it my duty to thus
bring to the knowledge o: my country
men, as well as to the attention OF
their representatives charged with the
responsibility of legislative relief, the
gravity of our financial situation.
The failure Of the Congress heretofore
to provide against the dangers which
1t was quite evident the very nature
OF the difficulty must necessarily pro-
duce, caused a condition of financial
distress and apprehension since your
last adjournment, which taxed to the
utmost all the authority and expedi-
ents within executive control, and
these appear now TO be exhausted.
II disaster results from the continued
inaction Of Congress, the responsibility
must rest where it belongs.
Though the situation thus far con-
81 iered is fraught with danger which
should be fully realized, and though
1t presents features of wrong to the
people as well as peril to the country,
it is but result growing out of per-
fectly pslpable and apparent cause,
constantly reproducing the same
alarming circumstsnces-a congested
national treasury and a depleted
monetary condition in the business of
the country. 1t need hardly be stated
that while the present situation de-
mands a remedy, We can only be saved
from like predicament in the future
by the removal of its cause.
Our scheme of taxation, by means
OF which this needless surplus is taken
from the people and put into the pub
ilc treasury, consists Of tariff or duty
levied upon importations from abroad,
and internal revenue taxss levied
upon the consumption of tobacco and
splrituous and malt liquors. 1t must
be conceded that none of the things
subjected to internal-revenue taxation
are, strictly speaking, necessaries +;
there appears to be 40 just complaint
OF this taxation by the consumers OF
these articles, and there seems to be
nothing so we'll able to bear the burden
without hardship to any portion OF the
people.
But our present tariff laws, the
vicious, inequitable and illogical source
OF unnecessary taxation, ought to be at
once revised and amended. These
laws, as their primary and plain effect,
raise the price TO consumers Of al
articlesimpOrted and subject to duty by
precisely the sum paid for such duties
Thus the amount of the duty measures